Shiba Inu Whales Fuel Major Sell-Off

Shiba Inu whales have been making significant moves amid the coin’s current volatility. These large holders have doubled their trading volume in just 24 hours, a shift that could have major effects on the SHIB price. With Shiba Inu’s value falling, the increased whale activity suggests that these key players may be driving the recent sell-offs.

According to IntoTheBlock data, Shiba Inu whale volumes surged 117% between October 6 and 7. Initially, the total volume was at 1.39 trillion SHIB, but by the following day, it jumped to 3.02 trillion SHIB. This spike was accompanied by a 66% increase in high-value transactions, indicating that more large trades worth at least $100,000 were taking place. The rise in activity reflects greater participation from big holders, hinting that they might be offloading their positions as the price dips.

The timing of this volume surge aligns with the Shiba Inu price downturn, adding to speculation that these whales are contributing to the ongoing sell-off. If whale trading volumes drop but the price keeps falling, it may indicate that the whales are still selling. However, if they switch to buying, it could spark a price recovery.

Despite the recent volatility, a majority of SHIB investors remain in profit. IntoTheBlock’s analysis shows that over 50% of all SHIB addresses are currently in the green. Meanwhile, around 44% are at a loss, and a smaller percentage are at breakeven. This distribution suggests that many holders bought in at lower prices, giving them a buffer against the current downturn.

If the whale activity stabilizes and these major holders switch from selling to accumulating, it could lead to a positive shift in SHIB’s market trend. However, continued selling by these key players could put further downward pressure on the meme coin’s value. The behavior of these whales will be a critical factor in determining SHIB’s near-term trajectory.